AI Summary of Article 93a
Member States are required to facilitate a de-notification process for UCITS marketing arrangements, ensuring certain conditions are met, including a public offer to repurchase units for 30 working days. This offer must be communicated directly to known investors and publicly through suitable means, outlining potential consequences of non-acceptance.
The UCITS must notify the home Member State's competent authorities, who will verify the completeness and transmit this notification to relevant authorities, including ESMA, within 15 working days. Importantly, the home Member State's authorities will retain supervisory powers, while ensuring compliance with national marketing regulations is not required post-transmission.
Article 93a
1. Member States shall ensure that a UCITS may de-notify arrangements made for marketing as regards units, including, where relevant, in respect of share classes, in a Member State in respect of which it has made a notification in accordance with Article 93, where all the following conditions are fulfilled:
(a) a blanket offer is made to repurchase or redeem, free of any charges or deductions, all such units held by investors in that Member State, is publicly available for at least 30 working days, and is addressed, directly or through financial intermediaries, individually to all investors in that Member State whose identity is known;
(b) the intention to terminate arrangements made for marketing such units in that Member State is made public by means of a publicly available medium, including by electronic means, which is customary for marketing UCITS and suitable for a typical UCITS investor;
(c) any contractual arrangements with financial intermediaries or delegates are modified or terminated with effect from the date of de-notification in order to prevent any new or further, direct or indirect, offering or placement of the units identified in the notification referred to in paragraph 2.